Novo Nordisk A/S’s sales of blockbuster weight-loss drug Wegovy beat expectations in the third quarter, a potential relief for investors after rival Eli Lilly & Co.’s disappointing obesity sales last week.
-- Novo Nordisk A/S shares rose as surging sales of the blockbuster weight-loss treatment Wegovy reassured investors after rival Eli Lilly & Co. reported disappointing sales of its obesity treatment last week.
After leading the wave of new obesity drugs to become Europe’s most valuable company, Novo faced skittishness from investors in recent months that drove shares down by more than 25% from their peak in June. Attention now will shift to Novo’s next-generation obesity treatment, CagriSema, which is undergoing a large trial that’s due to deliver results by December.
Novo is vying with Lilly for supremacy in obesity drugs, the pharmaceutical industry’s fastest-growing new business, while an expanding list of rivals rush to develop competing medicines. The market is expected to reach $130 billion by the end of the decade. The company will be able to ramp up capacity significantly even if antitrust authorities don’t sign off on its proposed $11 billion purchase of three of contract manufacturer Catalent Inc.’s factories, Jorgensen said. Novo anticipates a decision on the deal by the end of the year.
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